The Hagerty-led bill is the first major legislation to establish a clear regulatory framework for payment stablecoins
WASHINGTON—United States Senators Bill Hagerty (R-TN), a member of the Senate Banking Committee, Tim Scott (R-SC), Chairman of the Senate Banking Committee, Kirsten Gillibrand (D-NY), Cynthia Lummis (R-WY), and Angela Alsobrooks (D-MD) today applauded committee passage of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, legislation led by Hagerty that establishes a clear regulatory framework for payment stablecoins. The legislation passed by a vote of 18-6.
The legislation is set to be voted on the Senate floor within President Trump’s first 100 days.
“I’m pleased to see my GENIUS Act successfully pass out of the Senate Banking Committee with bipartisan support,” said Senator Hagerty. “This legislation is a critical first step in establishing a safe and pro-growth regulatory framework that will unleash innovation and advance the President’s mission to make America the world capital of crypto. I look forward to seeing this bill pass the Senate in the near future and ultimately signed into law by President Trump.”
“For far too long, the absence of a regulatory framework for stablecoins has left consumers vulnerable, businesses in the dark, and stifled innovation here at home,” said Chairman Scott. “Today’s historic passage of the GENIUS Act – the first digital assets legislation to advance in the Senate – is a step forward in ensuring stablecoins are safe and reliable tools in the financial system. I look forward to voting for this bill on the Senate floor and getting it to President Trump’s desk.”
“Clear and sensible stablecoin legislation is essential to maintaining the U.S.’s position as the leader in global economic competitiveness, and I’m grateful that the GENIUS Act passed out of the Senate Banking Committee today with strong bipartisan support,” said Senator Gillibrand. “This important legislation will protect consumers, foster responsible innovation, increase access to basic financial services, and maintain the dominance of the U.S. dollar. I want to thank my Democratic and Republican colleagues who worked together in good faith to find common ground on this complex and important issue, and I expect we will continue to refine the bill as it moves forward.”
“The Banking Committee’s strong bipartisan passage of the GENIUS Act out of committee brings us one step closer to providing stablecoin issuers with the choice between state and national charters and will secure our nation’s competitive edge in the rapidly evolving digital asset space,” said Senator Lummis. “I want to thank Senator Hagerty and Chairman Scott for their leadership in creating a comprehensive, pro-growth framework, and I look forward to partnering with them to deliver this bill to the president’s desk.”
“We need to focus on providing Americans the opportunity to build wealth,” said Senator Alsobrooks. “That’s why I was glad to join my colleagues in marking up our bipartisan GENIUS Act. The amendments added today make this legislation stronger. We all share common goals when it comes to this emerging market that are reflected in the legislation — protect consumers, spur innovation, and promote American leadership.”
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